Case Law Details
Case Name : Bharat Bijlee Limited Vs. ACIT (ITAT Mumbai)
Related Assessment Year : 2005- 2006
Courts :
All ITAT ITAT Mumbai
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The Mumbai Tribunal holds that Transfer of undertaking against issue of bonds / shares is not a “slump sale” and not taxable as capital gains.
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Bharat Bijlee Limited Vs. ACIT (ITA NO. 6410/MUM/2008) (Judgment Date: 11 March 2011, Assessment Year: 2005-06) , held that where a business undertaking is transferred against issue of bonds / shares, the transaction is not a “Slump Sale” as defined
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can we go through 391-394 for slump sale also, please support your answer.
Dear All
Is Court approval required in case of slump sale or Board and General Meeting is enough.
Thanks in Advance
CS Khusboo